African Pioneer plc

LSE : APPP


May 30, 2014 06:42 ET

Audited Results for the Year Ended 31 December 2013

                                                                                                           30 May 2014
                                                                                                          IM00B8COHK22
                                                                                                                      
                                                           
                                                  AFRICAN PIONEER PLC
                                         ("African Pioneer" or the "Company")
                                              (ISDX Growth Market: APPP)

                                  Audited Results for the Year Ended 31 December 2013

CHAIRMAN'S REPORT

The period under review has been a difficult one for the junior resource sector. The funding of companies and projects
has been very challenging with the major institutions completely avoiding the sector.

This  very negative funding climate has led to many opportunities being available for purchase. However, it  would  be
imprudent  to make purchase offers for projects with little hope of financial completion or access to finance  to  add
shareholder  value.  Many  opportunities have been considered during the year and we  remain  confident  that  African
Pioneer will source and finance an above average project.

Our  acquisition  search has extended from Africa to projects globally on the basis that we do not  want  to  be  over
focused on one continent when projects are abundant on a worldwide basis. Prior to carrying out any due diligence, the
requirement for political stability, clear title and transparent mining legislation has to be satisfied.

I  hope  to  be able to report during the first half of 2014 that the Company has concluded a significant  transaction
which  is  of  sufficient  quality to give shareholders confidence that the Company  is  moving  forward  to  a  value
enhancement situation.

Colin Bird - Chairman

The Company accepts responsibility for the contents of this announcement.

For further information please contact:

African Pioneer plc
Raju Samtani                                                                         020 7581 4477

Peterhouse Corporate Finance Limited
Mark Anwyl and Guy Miller                                                            020 7220 9796








STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2013

                                                                                        Audited           Audited
                                                                                     Year ended      Period ended
                                                                                    31 December       31 December
                                                                                           2013              2012
                                                                                                                 
                                                                                            GBP               GBP
Income:                                                                                                          
   Interest receivable                                                                      317                24
Administrative expenses                                                                                          
   Audit, accounting and legal fees                                                    (22,092)          (35,133)
   Directors' fees                                                                     (27,600)          (13,101)
   Management services                                                                  (7,716)          (12,000)
   Other administration expenses                                                          (724)             (285)
   Stock Exchange costs                                                                (23,452)          (19,043)
                                                                                                                 
 OPERATING LOSS FOR THE PERIOD                                                         (81,267)          (79,538)
                                                                                                                 
Taxation                                                                                      -                 -
                                                                                                                 
NET LOSS FOR THE PERIOD                                                                (81,267)          (79,538)
                                                                                                                 
Basic losses per share                                                                 (0.001p)           (0.09p)

All losses are derived from continuing operations.


STATEMENT OF FINANCIAL POSITION
As at 31 December 2013

                                                                    31 December 2013               31 December 2012
                                                                                                                   
                                                                                 GBP                            GBP
CURRENT ASSETS                                                                                                       
Trade and other receivables                                                      750                               10
Cash and cash equivalents                                                    284,370                          351,213
                                                                                                                     
Total Current Assets                                                         285,120                          351,223
                                                                                                                     
TOTAL ASSETS                                                                 285,120                          351,223
                                                                                                                     
CURRENT LIABILITIES                                                                                                  
Trade and other payables                                                      42,925                           27,761
                                                                                                                     
Total Current Liabilities                                                     42,925                           27,761
                                                                                                                     
NET ASSETS                                                                   242,195                          323,462
                                                                                                                     

EQUITY                                                                                                               
Share capital                                                                403,000                          403,000
Retained earnings                                                           (79,538)                                -
Profit and loss                                                             (81,267)                         (79,538)
                                                                                                                     
TOTAL EQUITY                                                                 242,195                          323,462



STATEMENT OF CASH FLOWS
For the year ended 31 December 2013



                                                                                           Audited              Audited
                                                                                        Year ended            Period to
                                                                                  31 December 2013          31 December
                                                                                                                   2012
                                                                                                                       
                                                                                                GBP                 GBP
CASH FLOW FROM OPERATIONS                                                                                              
Profit/(loss) before taxation                                                              (81,267)            (79,538)
Adjustments for:                                                                                                       
Interest received                                                                             (317)                (24)
Operating profit/(loss) before movements in working capital                                (81,584)            (79,562)
(Increase)/Decrease in receivables                                                            (740)                (10)
Increase/(Decrease) in payables                                                              15,164              27,761
                                                                                                                       
 NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                                (67,160)            (51,811)
                                                                                                                       
TAXATION PAID                                                                                     -                   -
                                                                                                                       
 CASH FLOW FROM INVESTING ACTIVITIES                                                                                   
Interest received                                                                               317                  24
                                                                                                                       
NET CASH INFLOW FROM INVESTING ACTIVITIES                                                       317                  24
                                                                                                                       
CASH FLOW FROM FINANCING ACTIVITIES                                                                                    
Share Capital Issued                                                                              -             403,000
                                                                                                                       
NET CASH INFLOW FROM FINANCING ACTIVITIES                                                         -             403,000
                                                                                                                       
Net decrease in cash and cash equivalents in the period                                                                
                                                                                           (66,843)             351,213
Cash and cash equivalents at the beginning of the period                                                               
                                                                                            351,213                   -
                                                                                                                       
Cash and cash equivalents at the end of the period                                          284,370             351,213

The Directors do not recommend the payment of a dividend.

These  financial statements of African Pioneer Plc (registered number 008591V) were approved by the Board  on  27  May
2014 and signed on its behalf by:

C Bird - Chairman                           R Samtani - Director

Contact Information

  • African Pioneer plc